Vegan yogurt is a plant-based alternative to dairy yogurt made from various plant-based milks such as coconut, soy, almond and others. It is lactose-free and contains probiotics that aid digestion. With growing prevalence of lactose intolerance and milk allergies, vegan yogurt offers a healthy substitute for dairy yogurt. It also appeals to the growing number of health and environment-conscious consumers who opt for plant-based diets and products.
The global vegan yogurt market is estimated to be valued at US$ 4.15 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing health and environment consciousness among consumers is a key driver boosting growth of the vegan yogurt market. With growing awareness about benefits of plant-based diets and risks associated with dairy consumption, consumers are switching to vegan alternatives like vegan yogurt. Issues such as animal welfare, carbon footprint of dairy farming and links between dairy consumption and various health conditions are driving many consumers towards vegan products. Manufacturers are launching new varied flavors and innovative packaging formats of vegan yogurt which is also attracting more people towards vegan options. However, dairy yogurts are still more popular and established brands, thus high prices of vegan yogurts compared to dairy is a challenge for market growth.
SWOT Analysis
Strength: The vegan yogurt market offers plant-based and dairy-free options for consumers seeking alternatives to dairy. The products are often perceived to be healthier as they contain no animal products or cholesterol. Some vegan yogurts are also good sources of probiotics and protein.
Weakness: Vegan yogurts sometimes lack the taste and texture of dairy-based yogurts due to not containing milk. This can be a drawback for some consumers used to the creaminess of yogurt made with cow's milk. The products also tend to be more expensive than regular yogurt.
Opportunity: More people are adopting vegan, vegetarian, or flexitarian diets nowadays due to health, ethical, or environmental reasons. This growing demographic of ethical consumers presents an opportunity for vegan yogurt producers to expand their market share. Novel flavors and product innovations can attract new customers.
Threats: Dairy producers may release new varieties of low-fat and low-sugar yogurts targeting health-conscious customers in response to rising demand for plant-based alternatives. Intense competition exists between brands offering various vegan milks and yogurts.
Key Takeaways
The Global Vegan Yogurt Market Size is expected to witness high growth over the forecast period supported by increasing health awareness and rise of vegan lifestyles. North America currently dominates the market owing to early adoption of vegan diets in the region. The presence of major players and availability of various flavors further boosts market growth in North America. Key players operating in the vegan yogurt market are Dr. Cow Tree Nut Milk, Hain Celestial Group, Stonyfield Farm, Daiya Foods, and Kite Hill. The Asia Pacific region offers lucrative opportunities with people rapidly switching to vegan products due to rise in incomes and health consciousness. China, India, and Japan are emerging as key emerging markets for vegan yogurt.
The key players operating in the acai berry market are Sambazon Inc., Acai Roots, Inc, AcaiExotic, Nativo Acai, NOVA Acai, Acai Frooty, and Amazon Power. Amazon Power captures the bulk of the acai berry market share due to its widespread sourcing and distribution. Acai berries offer nutritional properties that support heart health, gut health, and weight management. Popular consumption forms include acai powders, frozen pulp, juices, and dietary supplements. South America currently dominates the production and trade of acai berries. Brazil exports the majority of its acai berry harvest due to suitable growing conditions in the Amazon region.
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